Assessment-Related News and Insights from PsyMax
Welcome to the latest issue of PsyMax Solution's eNewsletter.
In This Issue:
- Webinar for Retailers: "Stop Employee Churn with Assessments"
- Research: Insurance Industry Most Sociable
- Product Alert: A Selection Assessment for Hourly Employees
Webinar Invitation
"Stop Employee Churn with Assessments"
You're invited! Please sign up for an informational webinar on "Stop Employee Churn with Assessments" to be held on February 27 at 1:00 p.m. EST.
The national annual staff turnover for retail companies ranges from 60 to a staggering 200 percent of payroll. Selecting and retaining high value employees is an essential business strategy.
PsyMax Solutions can help you to put a stop to employee turnover. Attend this webinar and learn how selection assessment tools can:
- Reduce turnover
- Eliminate bad hires
- Lower recruiting costs
- Identify future top performers
- Boost interviewing accuracy
- Improve your bottom line
This webinar will be presented by PsyMax Solutions CEO, Dr. Wayne Nemeroff, and moderated by global workforce consultant, Shari Fryer, from Shari Fryer & Associates. The webinar will be one hour in duration and there is no cost to participants.
Space is limited. Please register now.
Research
Insurance Industry Most Sociable
In no other industry are sociable skills more critical for success than insurance, according to a recent study by PsyMax Solutions.
'Sociability' in the workplace means being able to relate to others in a highly-engaging, expressive and lively style. Of course, sociability won't by itself guarantee success in any particular business or organization. But based on comprehensive scientific and statistical data, 'sociable skills' emerges as a strong predictor of success in insurance when compared with other industries.
PsyMax analyzed data from 12 industries as well as the work styles of over 13,000 employees and identified the behaviors and skills of the most effective managers in each sector. Insurance has the highest industry score for sociability. In contrast, the research and scientific sector trailed all others in the need for sociability.
Sociability rankings for the 12 industries in the study were as follows:
| Rank | Sector | Score | Rating |
| 1. | Insurance | 78.8 | Very High |
| 2. | Healthcare/Medical Services Utilities Personnel/HR/Training Education |
65.5 | High |
| 3. | Retailing/Wholesale General Manufacturing Accounting/Banking/Financial Services Communications/Telecommunications Computer/Office Equipment |
57.9 | Average |
| 4. | Pharmaceutical/Medical Products | 38.2 | Low |
| 5. | Research/Scientific | 18.4 | Very Low |
Insurance has changed from a largely transactional business to being more relationship-oriented. With the consolidation in the insurance industry, companies have found that customers are placing more value on the 'personal touch' that they perceive is being lost in dealing with the bigger companies. The shift has driven employers to recruit outgoing people and encourage employees to develop a sociable work style. Now insurance companies use behavioral assessment to identify sociable applicants and reduce turnover and associated costs.
Assessment of applicants and employees helps in the selection and development of new people, builds bench strength and ultimately develops the next generation of leadership. And for individual's, assessment helps clarify a career path in alignment with what's needed for success in a specific industry and in different groups within specific industries.
A low sociability score should not necessarily preclude the success of a particular individual. PsyMax's statistical models shed light on overall patterns and aspects such as industry fit, but they shouldn't automatically disqualify anyone from an opportunity. A person may project other competencies and behaviors which are more valued and likely to increase their chances for success in a specific industry.
Product Alert
Introducing a Selection Assessment for Hourly Employees
PsyMax has developed a quick, inexpensive measure of organizational fit for employees in hourly positions like cashiers, waiters, counter personnel and others whose jobs require basic skills.
The Hourly Assessment has been designed to benefit clients by:
- Identifying applicants who may be prone to accidents or theft,
- Reducing turnover and attendance problems,
- Identifying applicants with basic problem-solving, verbal, and math skills, and
- Assessing interpersonal skills, customer service, stress tolerance and loyalty.
About PsyMax Solutions
PsyMax Solutions offers an on-line suite of assessments and reports for use in employee selection and development. Developed by psychologists who have conducted assessments and written reports thousands of time, the PsyMax Solution's product suite generates results equal in quality to those reports, but at a fraction of the cost and time.
The PsyMax Solution's product suite is ready for immediate use without time-consuming and expensive consulting and IT set-up costs. In minutes, you can create your own customized Human Capital website and use our integrated product suite to align your recruitment, selection and development processes.
To learn more about PsyMax Solutions, please visit us on the web at www.psymaxsolutions.com, e-mail us at info@psymaxsolutions.com, or call us at 866.774.2273.